Goldman Sachs and T. Rowe Price will launch new alternative investment options for US retirement accounts by the end of 2025, tapping into a $9tn pool of 401(k) assets following a regulatory shift under President Donald Trump’s administration, Reuters reports.

The two firms announced earlier this month that Goldman would acquire up to a $1bn stake in T. Rowe. The partnership will now extend into the creation of private market products for retirement savers.

T. Rowe, which manages $1.6tn in assets, including $1tn linked to retirement accounts, plans to introduce target-date funds that combine traditional public market assets with a modest allocation to private equity, private credit, and other alternatives. The exposure will taper as clients near retirement.

For high-net-worth investors, the firms will also launch dedicated alternative portfolios, including blends of private equity and private credit. These will be distributed initially through Goldman and T. Rowe’s client networks, with a goal of expanding access more broadly.

“The idea is to be able to open the products to everybody,” said Marc Nachmann, head of Goldman’s wealth and asset management. T. Rowe CEO Rob Sharps added that alternatives could eventually make up 10–20% of retirement portfolios.

While critics point to liquidity and pricing concerns, Sharps argued that new structures offer partial liquidity and daily pricing to address investor comfort.

The move marks one of the most significant efforts yet to bring private markets into mainstream retirement savings, a step that could reshape asset allocations across the US retirement system.

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